free trade at crazy prices
Monday, March 07, 2005
world trade is something i've recently touched upon in lectures so i thought i'd share some of the things i've found out.
the world gives around $50bn a year in aid to help developing economies, but spends $300bn a year in subsidising it's own industries.
for example, america subsidises $4bn to 25,000 american cotton farmers, directly affecting 10-12 million african cotton producers and their families (amongst others).
eu tariffs that are meant to help african banana producers, force the latin american banana industry to pay 230€ per tonne (up from 75€ per tonne), compared to duty free african exports.
recently, both of these examples have been ruled illegal by the wto. nevertheless, balancing world trade is a job i'm glad i don't have.
the world gives around $50bn a year in aid to help developing economies, but spends $300bn a year in subsidising it's own industries.
for example, america subsidises $4bn to 25,000 american cotton farmers, directly affecting 10-12 million african cotton producers and their families (amongst others).
eu tariffs that are meant to help african banana producers, force the latin american banana industry to pay 230€ per tonne (up from 75€ per tonne), compared to duty free african exports.
recently, both of these examples have been ruled illegal by the wto. nevertheless, balancing world trade is a job i'm glad i don't have.
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